Barney Frank Wants to Shake-Up the FOMC Big Time
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Barney Frank (D) is looking overhaul the Federal Reserve by targeting five seats on the FOMC occupied by regional presidents of Federal Reserve Banks, the Hill reported Monday.
Frank said that since the regional presidents are the only ones that are not required to be nominated by the President and confirmed by the Senate, it allows for a "self-perpetuating group of private citizens." He said these members are "skewing policy."
If successful, Frank would set policy to remove these Fed Presidents and replace them instead with a FOMC made of up members selected by the President and confirmed by the Senate.
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Frank said that since the regional presidents are the only ones that are not required to be nominated by the President and confirmed by the Senate, it allows for a "self-perpetuating group of private citizens." He said these members are "skewing policy."
If successful, Frank would set policy to remove these Fed Presidents and replace them instead with a FOMC made of up members selected by the President and confirmed by the Senate.
Link to Article
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